Acts and Regulations

I-12 - Insurance Act

Section 179
Disposition versions

Full text
Insurer holding insurance money
179(1)An insurer may hold insurance money
(a) subject to the order of an insured or a beneficiary, or
(b) upon trusts or other agreements for the benefit of the insured or the beneficiary,
as provided in the contract, by an agreement in writing to which it is a party, or by a declaration, with interest at a rate agreed upon therein or, where no rate is agreed upon, at the rate declared from time to time by the insurer in respect of insurance money so held by it.
179(2)The insurer is not bound to hold insurance money as provided in subsection (1) under the terms of a declaration to which it has not agreed in writing.
1968, c.6, s.179